Veem

Overview

Veem is a global payments network that enables businesses to send and receive funds internationally with the ease of an email. By using a multi-rail technology (including blockchain, SWIFT, and local treasury), it offers faster transactions, better exchange rates, and significantly lower fees than traditional banks, while integrating seamlessly with major accounting software.

What it does

• Facilitates domestic and international B2B payments in 100+ countries.
• Provides real-time payment tracking (similar to a package tracker).
• Automates accounts payable and receivable workflows.
• Syncs payment data automatically with QuickBooks, Xero, and NetSuite.
• Allows businesses to pay via bank transfer, credit card, or Veem Wallet.

Who it's for

• Small business owners
• Freelancers
• E-commerce merchants
• Accounts Payable departments

Why it works

• Cost: Offers competitive FX rates and often zero wire fees for international transfers.
• Transparency: Both sender and receiver can see exactly where the money is at all times.
• Speed: Many transactions settle in 1-3 days, compared to the 3-5 days typical of legacy banking.
• Simplicity: Does not require the complex SWIFT/IBAN codes usually needed for international wires.

Founder story

Founded in 2014 by Marwan Forzley in San Francisco. Marwan, a veteran of the payments industry (ex-Western Union), saw that while consumer payments were being disrupted by apps like Venmo, B2B payments were still stuck in the 1970s. He built Veem to be the 'Venmo for global business,' focusing on the underserved SME market.

Alternatives

• Wise (TransferWise)
• Payoneer
• Airwallex
• Tipalti

Comparison overview

• Wise: Excellent for low-cost transfers, but Veem offers more robust B2B workflow features like invoice syncing.
• Payoneer: Stronger for marketplaces and individual freelancers; Veem is better for professional SME accounts payable.
• Tipalti: A high-end enterprise leader; Veem is the better choice for smaller companies without massive procurement teams.
• Veem is the go-to for small businesses that need a professional, global bank-alternative for their daily operations.